CBN speaks on processing fee for COVID-19 loans | Nigerian News. Latest Nigeria News. Your online Nigerian Newspaper. f

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The  Central Bank of Nigeria (CBN) has refuted claims in the social media circles that loan seekers and owners of small-scale businesses who apply for  COVID-19 loans are required to pay a certain amount as application processing fee.

In a statement, its CBN Director, Corporate Communications, Isaac Okorafor, said: “For the avoidance of doubt, there are clearly spelt out procedures for accessing the N50 billion Targeted Credit Facility (TCF) stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic, which are disbursed through the NIRSAL Microfinance Bank (NMFB).

“Members of the public, particularly households and owners of small-scale businesses, are therefore advised to disregard any message requiring them to pay any amount to process their applications.


“Prospective applicants are advised to approach NIRSAL Microfinance Bank or the CBN branch nearest to them for clarification on the procedure for accessing any of the CBN-related loans. Any observed irregularities should be reported to the Consumer Protection Department of the CBN.’’


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